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NETeller Completes Calgary Property Sale

 
/2008-02-13/

SOURCE: Press Release

(Calgary, Alberta) — NETeller Plc (LSE: NLR), the independent global online payments business, is pleased to announce the sale of the Group’s principal property in Calgary, Canada.

The Group confirms that its subsidiary, NT Services Building Corp., has completed the sale of its principal property at 27th Avenue in Calgary, Canada, to the Leben Investment Corporation for a total consideration of CAD$ 33.5 million (approximately USD$ 33.5 million).

In accordance with the terms of the sale agreement, the sale proceeds will be paid to the Group on 31 March 2008.

The Group will continue to lease two areas of the property from Leben Investment Corporation on usual commercial terms for a period of three years and five years respectively following the sale.

The sale price is very close to the net book value of the property and as a result there will likely be no significant gains or losses on disposal. Any marginal gains or losses that may arise will be reflected in the Group’s 2008 results.

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